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Credit Cards

How to Do a Balance Transfer With American Express

Updated Jun 14, 2023   |   4-min read

American Express is a global services company that offers a wide range of personal and commercial credit cards, as well as travel-related services. Popular credit cards include the Blue Cash Everyday Card, the Platinum Card, and the Gold Delta SkyMiles Credit Card.

Cardholders can transfer a balance to an American Express card or from an American Express card to another card. A balance transfer allows cardholders to transfer part or all of a balance to another card.

This typically is done to lower interest payments. For instance, a consumer might find a card with a low introductory interest rate and transfer the balance to enjoy that savings. This saves people more than they realize.

For example, let’s say Joe owes $10,000 on a credit card, and the card charges 15.99 percent interest. Joe’s minimum monthly payment is $232, and he wisely doubles it to pay $464 a month to pay it off faster.

It would take Joe 26 months to pay off the debt, and $1,867 of those payments would go to interest.

Now, let’s say Joe transferred the $10,000 balance to a card offering 0 percent interest for 15 months. He decided to pay twice the minimum monthly payment again. He pays the card off in 22 months and only $162 of that goes to interest. This makes financial sense.

Even consumers who don’t owe as much as Joe can benefit from a balance transfer. First, though, cardholders must learn how to initiate one.

How to Transfer a Balance to American Express

Consumers who have a balance they want to transfer to an American Express credit card can do so by following a simple process.

First, cardholders must gather all information related to the balance transfer. This includes the name of the institution and the amount to be transferred. For instance, if Sara owes $2,516.32 on a Capital One card, she needs to get her credit card number and the balance she wants to transfer, down to the penny.

Next, consumers must apply for a credit card from American Express. It’s important to choose wisely, as some cards offer 0 percent APR on both purchases and transfers.

Once approved, consumers need to call 1-800-528-4800 to request the balance transfer. The request must be made within 60 days of opening the card to qualify.

American Express has limits in place for balance transfers. Consumers can only transfer 75 percent of their credit limit or $7,500, whichever is less. New cardholders learn their credit limits once approved for the card.

There are also fees involved with a balance transfer. People pay $5 per transaction or 3 percent of the amount of the transfer transaction, whichever one is greater.

Transferring a Balance From American Express to a Different Company

Consumers who currently hold a balance on an American Express card also have the option of transferring it to another card. The process is similar to transferring a balance to an American Express card.

It begins with gathering the data related to the transfer. This includes the card number and the amount of money the consumer wishes to transfer.

Next, consumers need to apply for a credit card. People are advised to look for special balance transfer rates when selecting a card. It is also important to look at the fees associated with the transfer before applying for the card.

Each card company is different, so it is wise to research the process before applying for a balance transfer. Some cards have enticing introductory rates, but the fees are so large that they should be avoided. Read all of the fine print when making a decision.

When consumers apply for the card, they might be able to initiate the transfer during the application process. If not, they need to contact the credit card company quickly. Some companies require that transfers be requested within 30 days of credit approval.

Then, cardholders are tasked with paying off the card. It is a good idea to pay off the full balance transfer before the introductory rate is up. That way, consumers never have to pay interest on the balance that is transferred.

People often feel trapped when they have credit card debt, but there are ways to get out of the financial hole. Transferring balances is one such way. Follow the steps to transfer a balance and begin to get out of debt.